I’m 27f in southern California. I make 100k a year and have about 105k in savings with no debt, and around 50k in my 401k. My company does a 4% 401k match and also contributes to a cash balance pension which is 7.5% of my income. My goal has always been to buy a house and I’m wondering when it will financially make sense for me to. I feel like I’m in a good spot right now and renting just seems like I’m throwing money down the drain when I could be building equity (my rent w/o utilities is $2200). Homes in the area I want to live are selling for 750k+, so it would take me at least another 2 years to save up for a full 20% down payment. Does it make sense for me to buy now and just do a smaller down payment? Or is it smarter to continue renting until I can come up with the full 20%? Should I consider taking a loan from my 401k?
Any advice is appreciated!
Submitted January 03, 2021 at 12:39AM by wak16 https://ift.tt/351MR1W
